Tips for paying off your home loan sooner

The Great Australian Dream has been a long held belief that home-ownership can lead to a better life and is an expression of success and security. For most Australians, home-ownership is achieved through saving a deposit and funding the balance via a home loan from a lending institution, such as a bank, building society or credit union.

Whilst the home loan agreement may help you enter the housing market sooner, as opposed to waiting to save a sufficient amount to purchase outright, it’s important to remember that this will most likely be the largest debt that you pay off in your lifetime.

As such, it’s vital to take a proactive approach when it comes to paying off your home loan. This will help you to not only reduce the amount of interest that you pay, but also decrease the life of the loan so that your cash flow can be freed up sooner and be targeted towards other areas, such as saving and investing for the future.

Given increasing technological advancements, a growing concern for some of us is the potential for job loss or displacement in the future due to computerisation and automation. In this video, we see a battle of speed, precision and creativity between a man and a rather ‘cheeky’ robot.

Unfortunately, there may come a time when you are unable to express your wishes regarding medical treatment due to an accident, sudden illness or progressive disease. In this animation, we discuss the benefits of an advanced care directive and several considerations when drafting one.

In this video, we see one of the most famous fables come to life with a race between a hare and a tortoise. This is a timely reminder of the importance of long-term investment fundamentals, for example, diversification, asset allocation, risk versus return, liquidity, compound interest and dollar cost averaging.

Many important considerations are taken into account when establishing a Total and Permanent Disability (TPD) insurance policy that appropriately reflects your needs. In this animation, we illustrate the super-linking strategy when considering claim definitions and the subsequent structuring of TPD insurance.

Past and present actions (and inactions) can often have a hand in shaping the course of the future. This can be especially true when considering your personal finances. In this video, we revisit some of the most influential moments that occurred around the world last year.

Albert Einstein once famously said, “Compound interest is the eighth wonder of the world...” In this animation, we illustrate the power of compound interest – importantly, the principles behind compounding are not just limited to your interest bearing savings account.

When reflecting on life, often it’s not our material possessions, but rather the memorable experiences that we have accumulated over the years that hold greater meaning to us. In this video, Chris Hemsworth suggests travel and exploration of Australia to help you collect a few more memorable experiences.

Your spending habits can often have a profound impact on not only your existing financial situation, but also your capacity to influence the achievement of your financial goals and objectives. In this animation, we discuss the importance of tracking your spending.

Philanthropy can come in many shapes and sizes, both financial and non-financial. An appropriate and planned approach to philanthropy can be a truly rewarding experience and make a real difference to those in need. In this video, we take a funny look at a slightly misguided ‘philanthropic’ endeavour.

Trauma (or critical illness) insurance is one of the four main types of personal insurances, the others being Life, Income Protection and Total and Permanent Disability. In this animation, we discuss several of the main points regarding Trauma insurance.

One of the greatest benefits of teamwork is the power of leverage. This refers to the advantage you gain by having more than just you working towards a desired outcome. In this motivational video, we see individuals come together to form a team and achieve a common goal.

Whilst a home loan may help you to enter the housing market, it’s important to remember that this will most likely be the largest debt that you pay off in your lifetime. In this animation, we provide you with helpful tips to pay off your home loan sooner.

There are often numerous factors that affect our ability to reach the goals and objectives that we set for ourselves in life. In this video, Angela Lee Duckworth explains her theory of “grit” as a predictor of success.

An important part of an estate plan is making sure your affairs are in order prior to your passing. In this animation, we discuss superannuation death benefits, eligible beneficiaries and different types of beneficiary nominations you can make.

When the day finally comes to retire there may be a mix of emotions. The end of one journey and the beginning of a new one. In this video, we look at Bill Gates’ humorous video showcasing his last day of work at Microsoft.

There are various investment methods available to help build and maintain wealth over the long-term. In this animation, we explore managed funds, how they work and the relative merits of investing in one.

Accumulating wealth can come in many forms, such as saving, investing and paying down debt. In this video, Dave Allen highlights the pitfalls of deviating from your plan and waiting around for ‘free’ money.

Estate planning can be complicated. When people review Estate planning, they often also discuss powers of attorney. In this animation, we discuss the different powers of attorney and how they may be of benefit to you.

Do you remember playing Monopoly as a child? If so, do you think the way you played may have changed if you’d used real money? In this video, we explore the importance of educating your children on the value of money from an early age especially given the emergence of 'tap & pay'.

When developing a business succession plan, having a buy/sell agreement in place may be a key consideration. In this animation, we discuss how this may assist in a smooth transition between a departing business owner and the remaining owners who wish to carry on with the business.

Negative gearing is a wealth accumulation strategy that often also aims to minimise tax. In this animation, we demonstrate what negative gearing is and several of the important considerations around utilising this strategy for wealth creation.

Often we may feel that there is something limiting our ability to reach financial goals and objectives. Perhaps it's our money personality and spending habits? In this video, someone’s life is positively impacted when others reach out by ‘making something to make a difference’.

There are many risks that you may face when it finally comes time to retire, such as investment, legislative and longevity risk. In this animation, we discuss these and other risks that may impact on your expected retirement lifestyle.

What would you do if you had the chance to talk to your younger self? Would you try and provide some advice to change one or two decisions you made in life? A boy and man sit down together and discuss life from their perspectives and then provide each other with some friendly advice.

When planning for the income needed in retirement, there are many strategies that you can consider. One option available, depending on your circumstances, is an annuity. We explore a number of considerations when it comes to utilising an annuity in your overall plan.

2016 was an eventful year in the finance world. With all this mind, we provide you with a short video that looks back on 2016, to take some time to consider milestones that you have personally reached and how you are tracking for your future goals and objectives.

Salary sacrificing is a term that many of us have heard, but what does it actually mean and how can we benefit from its use? In our animation we consider the tax-effective and wealth accumulation benefits of entering into a salary sacrifice arrangement with your employer.

In light of Donald Trump’s recent victory in the U.S. election, this short video by a respected research house provides information on President-elect Donald Trump’s initial impact on the economic market as well as potential short, medium, and long-term considerations for investors.

“Empathy is the faculty to resonate with the feelings of others. When we meet someone, who is joyful, we smile. When we witness someone in pain, we suffer in resonance with his or her suffering” (Matthieu Ricard). In this video, two people connect over their different walks of life.

Synergy refers to the creation of a whole that is greater than the simple sum of its parts. In this animation, we explore how building your own personal finance team, and then directing them towards a specific goal or objective, can help you reach financial empowerment.

Are you currently trying to keep up with the Joneses? In life, everyone has their own financial journey so instead of worrying about what others are doing or how much they appear to have, it is important to stay focused on your own financial goals and objectives.

Many families consider personal insurances for the household’s main or sole income earner, but what about the non-working spouse? This animation explores why insuring both heads of the household may be an important consideration in developing your personal insurance plan.

Life is full of long and windy turns, obstacles and tough decisions. Taking the ‘road less travelled’, towards building personal wealth, begins with believing in ourselves. Watch this funny video for your guide on giving yourself a pep talk today.

In drafting your Will, there’s an important part where you have to nominate who you would like to administer your estate in the event of your passing. It is important to appoint an Executor that you feel comfortable with and who you believe holds the necessary skills to handle the responsibilities of the role.

Do you sometimes get side-tracked when on the path to completing a personal or work task before its deadline? For some people procrastination can also play a part in how they approach their personal finances. We hope you enjoy this funny and insightful talk.

Have you ever been in the situation where you needed to withdraw cash, close a term deposit before maturity, sell-down managed funds or shares, or put a property on the market to meet a sudden demand? The effort it takes to convert an asset into cash can vary widely.

It’s fine to give away your money or other assets to family members, friends or charities, but if you currently receive or expect to qualify for a pension or other allowance bear in mind that Centrelink does apply limits to how much you can gift.

Head into the happiness laboratory today for a different perspective on forgiveness in this short video. Some studies point to a correlation between your ability to show forgiveness and things like stress, health, anxiety, pain perception and happiness.

Mark Rider, Head of Investment Strategy, explains how ANZâ€™s â€˜activeâ€™ approach to asset allocation helps you take advantage of short-term market fluctuations, while helping protect you against risks.

Why do you manage your money the way you do? You might be surprised to know that we all have a money personality which influences our behaviour and decisions and ultimately our success with money, see our latest animation.

It's safe, low risk, guaranteed rent, big returns. You go along just to find out more, it looks good, it feels good, you get excited and you don't want to miss out. Some food for thought before you sign on the dotted line and hand over your hard earned savings.

For most people, access to super starts at or close to retirement, but in extreme circumstances you may be able to access your super sooner if you meet certain requirements. This video looks at the different options that you have to draw down your super and when earlier access may apply.

Suspicious emails: unclaimed insurance bonds, diamond-encrusted safe deposit boxes, close friends marooned in a foreign country. They pop up in our inboxes, and standard procedure is to delete on sight. But what happens when you reply?

Why is it that insurer’s ask so many questions when you apply for cover? This month’s video explains the underwriting process that insurers go through and how it can influence the terms of your insurance policy.

In this deceptively simple 3-minute talk, Dr. Laura Trice muses on the power of the magic words Thank You — to deepen a friendship, to repair a bond, to make sure another person knows what they mean to you. Try it.

Super splitting is a strategy that allows you to share your super contributions with your spouse. It can be a helpful way to boost your spouse’s super and may benefit you in other ways depending on your situation. See our video to learn more.

We know that taking time off is good for our health, but did you ever think it could be good for your work too? In this interesting video, designer Stefan Sagemeister discusses how powerful his time off has been for his business.

Depending on how you look at it, investment risk can mean different things to different people. And there are many ways in which people put their financial position at risk without realizing. Check out our animation and see how this might apply to you and what you can do to manage your risks.

In some cases it is possible for an SMSF to borrow to buy an investment asset. However, be careful, there are many things to consider. Check out this short video about ways your SMSF may be able to help finance the purchase of an investment asset.

Spending money or saving money? This is the ongoing battle between present and future self. The battle can be unfair as your current self can be stronger than your future self – and this applies to money as well.

There are different ways that you can hold your life insurance, one way is through your superannuation fund. This animation looks at what should be considered with holding insurance inside of superannuation.

What will Australia look like in 40 years? In this video, Dr Karl (best known as an author and science commentator on Australian radio and television) investigates what the future challenges and opportunities Australia may face from the 2015 Intergenerational Report.

You may have heard the theory that we only use 10% of our brains. But is this actually true? In this short video we explore the brain’s capacity to store and retain information and discover why we aren’t so good at multi-tasking.

Planning for and talking about aged care early helps to provide better outcomes for senior people, their families and carers. Our animation explores some of the options for senior Australians considering aged care.

It wouldn’t feel like Christmas without Christmas lights, a big tree and some catchy Christmas tunes! This impressive Christmas lights display in California takes a humorous look at the Christmas holiday period.

Alzheimer’s disease is the most common form of dementia affecting over 40 million people worldwide. This video takes a look at how Alzheimer's affects the brain, shedding light on the different stages of this disease.

If you’ve ever wondered what’s involved in establishing and running a Self Managed Super Fund, then this video is for you. Take a quick look at the roles and responsibilities of setting up and running a SMSF.

In this animation on Total and Permanent Disability (TPD) cover we take a look into the benefits of this cover and how it’s designed to protect you and your family in the event of permanent disablement.

It can be uncomfortable to think about, but planning for your death can make a big difference to the lives of those left behind as well as significantly influence the longevity and application of your assets.

“It's right to get the budget back into surplus, but some of Joe Hockey's measure are plain nasty”, says Ross Gittens, Economic Editor of the Sydney Morning Herald. Check out what else Gittens has to say on the 2014/15 Federal Budget.

What would you do if you had to relearn to live a different way and accept that suddenly all the things that you loved doing you couldn't do anymore? Would you fall in a heap emotionally and financially?

With Australia’s life expectancies at their highest level, you may just live for longer than you anticipate, like this fit and healthy 90 year old! What does this mean when planning for your retirement?

Many people choose to ease into retirement and make adjustments to their work and lifestyle over time. This video explores the ways a Transition to Retirement strategy can help you or a loved one ease into retirement.

This video asks kids how much they think top basketball stars make each year. Although funny, it highlights how foreign the concept of money can be and the importance of educating our younger generation on money matters.

What would happen if you suddenly couldn’t work? Could you still afford to meet your cost of living?? This short video provides a valuable reminder for those with income protection insurance, and no doubt valuable information for those without.

Managing debt, which essentially means being careful with how much debt you take on and what you use it to purchase, significantly influences the accumulating of wealth to begin with, but also dictates what you can do in preserving and distributing wealth over time.

What’s your life worth? If the unthinkable happened would the people who depend on you the most survive financially? Life insurance is designed to help lessen the financial impact on your family and dependants following your death.

Purchasing a home can be an overwhelming process. There a quite a few things to consider and costs to account for. It therefore makes sense to take your time, do your research and make sure that you are paying the right price for the right property.

Has an investment scam ever left a sour taste in your mouth? The scams that top the list are Lotteries, pyramid schemes and phishing attacks. So we all need to be alert. 800,000 Australians fall victim to scams each year.

6 millon people are exposed and 800,000 fell victim and lost almost $1billon via scams and fraud. Are you part of this statistic? Given that many of the scams originate outside Australia, it pays to be vigilant. This video explores Investment Scams.

Practical jokes are a great tonic to the seriousness that can swarm around us; however, money, finance, returns and taxation aren’t typically treated lightly, and rightly so, it is important to make the most of the money you earn and have accumulated.

Getting clear on what you want and staying focused on the steps needed to achieve your goals can be easier said than done, particularly given the amount of noise in our technologically rich society these days.

If you have people who are financially dependent upon you, and/or you would like to look after someone once you’re gone, it’s important to review your asset and income position, and how this relates to your insurance coverage.

Watching this video can give you a taste of the travel bug – is there anywhere you want to go? Sometimes we get stuck in the mundane and ‘rut’ of life. Life is about experience, sharing fun times and living each day.

In this short video, we see a fascinating demonstration of water art. While you can be mesmerised with what the artist is creating, once done, the artist brushes his work away in a moment. This reminds us of how quickly things can change, and how we can attempt to hold on to the way something used to be.

Like the evolution of music and dance, personal finance and world markets will continue to evolve and change. What’s more important than worrying about the change is ensuring your fundamentals are working for you.

How much money do we really need to enjoy life? Do we really need that new car, the new jet ski, the around the world holiday to feel the joy of life? In this video, the local school bus driver shows us how to laugh and enjoy life.

A very funny video that reminds us that while giving directions to another can be a nice thing to do, sometimes we can end up red faced if we don’t know what we are talking about, or if someone misinterprets what we suggest.

There is a saying that rich men have big library’s and small TV’s. We are not claiming this to be categorically true, however, it is important to recognise that what we choose to learn and understand is a predictor of what our future holds.

Please watch this video right to the end. You will be rewarded! Whether you’re a fan of Ellen or not, or you don’t even know who Ellen is, this is an extremely funny interview with Accountant Keith Dickie.

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We are pleased to announce you are now a member of our comprehensive online resource.\r\n

Through our Financial Knowledge Centre we will provide you with a reliable and credible source of education and financial information including updates, learning modules, video\u2019s, calculators, quizzes and much more that you can review to help build on your financial knowledge.\r\n

We hope you enjoy exploring the Knowledge Centre.\r\n

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This Knowledge Centre provides general educational information only. All information on this site is provided by innergi Pty Ltd. The content does not take into account your personal objectives, financial situation or needs. You should consider taking financial advice tailored to your personal circumstances. Titan Financial Planning has representatives that are authorised to provide personal financial advice. See the Financial services guide, available from www.titanfinancialplanning.com.au or call 0433 167 523 for more information on our available services. Please note all information is for Australian residences only.